Corazon Mining picks up Chalice gold mine as gold prices recover above US$4.5K

Corazon Mining (ASX:CZN) has announced its acquisition of the Chalice Gold Mine (CGM) off of Westgold Resources, taking a 100% stake in the project giving Corazon access to a high-grade gold system on a single mining lease in Higginsville, WA.

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Corazon’s first step at Chalice will be a 15,000m drill run on-site where mineralisation is open along strike and at depth with new targets to be tested in the upcoming campaign.

An existing JORC MRE underscoring a potential 191Koz of gold exists on-site with a resource upgrade slated down the pipeline; the existing resource comes in at an average grade of 2.7g/t. The land Chalice sits on is home to a historical production profile nearly 700Koz in scope across both open pit and underground operations.

Westgold, for its part, takes a 19.9% shareholding in Corazon. The $25.7M acquisition is to be funded by a capital raise. High-grade hits on site pulled in prior drilling include 35m @ 2.5g/t gold from 15m depth.

In the background, gold prices began recovering from their slump around US$4,500/oz on Tuesday after Trump overnight moved to pause an attack on Iran.

“We look forward to drilling aggressively and delivering resource milestones to shareholders in the months ahead,” Corazon MD Simon Coyle said of the acquisition.

“The Chalice Gold Project is a genuinely transformational step for Corazon. Chalice is a proven, high-grade gold system that has produced nearly 650,000 ounces, and with a resource that remains open in multiple directions, we believe the best discovery work is still ahead of us.”

CZN last traded at 20cps.

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